NFES to re­ceive in­vest­ment pro­pos­als for Lankaran

Azer News - - Business - By Sara Is­rafil­bay­ova

The Na­tional Fund for En­trepreneur­ship Sup­port (NFES) un­der the Econ­omy Min­istry of Azer­bai­jan has be­gun ac­cept­ing in­vest­ment projects on pri­or­ity devel­op­ment ar­eas of the Lankaran re­gion.

The NFES will ac­cept en­trepreneurs' pro­pos­als for fi­nanc­ing in­vest­ment projects on cre­ation of rice grow­ing farms, cit­rus grow­ing, tea grow­ing and live­stock breed­ing farms, as well as rice and tea pro­cess­ing en­ter­prises and a lo­gis­tics cen­ter for stor­ing cit­rus fruits.

Within the frame­work of the lat­est busi­ness fo­rum held in Lankaran, en­trepreneurs re­ceived pref­er­en­tial loans in the amount of 460,000 man­ats ($270,500).

The im­ple­men­ta­tion of these projects will open about 50 new work places.

To date, 10.7 mil­lion man­ats ($6.3 mil­lion) have been al­lo­cated to 14 en­trepreneurs for the devel­op­ment of tea grow­ing, and 1.7 mil­lion man­ats ($1 mil­lion) - up to 40 en­trepreneurs to cre­ate cit­rus or­chards in the re­gion.

En­trepreneurs can ap­ply to the Fund through au­tho­rized banks and non-bank lenders, in ac­cor­dance with the rules for us­ing the funds of the NFES. Small projects can be fully fi­nanced through con­ces­sional loans.

About 150 mil­lion man­ats ($88 mil­lion) will be is­sued for grant­ing pref­er­en­tial loans to en­trepreneurs in 2017.

Dur­ing Jan­uary-Septem­ber 2017, 1,154 en­trepreneurs re­ceived soft loans in the amount of 90.4 mil­lion man­ats ($53.18 mil­lion).

The main goal of the Fund, which was es­tab­lished in 1992, is to pro­vide pref­er­en­tial loans from the state bud­get for small and medium busi­ness, in or­der to de­velop en­trepreneur­ship in the Re­pub­lic of Azer­bai­jan.

Al­lo­ca­tion of funds by NFES is aimed at the min­i­miz­ing of the im­pact of global eco­nomic cri­sis to the na­tional econ­omy and mit­i­ga­tion of its de­pen­dence on the oil sec­tor.

En­cour­ag­ing busi­ness do­ing in the coun­try is one of the pri­or­i­ties for the Azer­bai­jani gov­ern­ment, which sup­ports en­trepreneurs through cre­at­ing nec­es­sary con­di­tions for the devel­op­ment of a healthy busi­ness en­vi­ron­ment in the coun­try.

Lankaran is a port city lo­cated on the shore of the Caspian Sea, on the bor­der with Iran.

Lankaran is mag­nif­i­cently beau­ti­ful and has its pe­cu­liar ar­chi­tec­ture, his­tor­i­cal build­ings of the 8th-19th cen­turies and rich cul­tural her­itage.

Dom­i­nat­ing spheres in Lankaran econ­omy are veg­etable-grow­ing, tea­grow­ing, paddy cul­ti­vat­ing, cat­tle­breed­ing, cit­rus plants, bee­keep­ing, fish­ing, and grain farm­ing. Fa­vor­able hu­mid sub­trop­i­cal cli­mate, avail­abil­ity of good arable land, wa­ter and suf­fi­cient labour re­sources of city pro­vides a good ba­sis for agri­cul­tural ac­tiv­i­ties as well as devel­op­ment of agro-pro­cess­ing en­ter­prises.

The city is also home of Azer­bai­jan's first tea plant, built in 1937.

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